Carlos Ghosn, Head of Nissan, Renault and Mitsubishi Motors Out on 1 Billion Yen Bail

Carlos Ghosn, Former Head of Nissan and Renault walked out of a Japanese detention center after providing a bail of 1 billion yen. However, his bail conditions require him to stay in Japan with a close monitoring by the officials.

Ghosn has been one of the prominent figures in the global auto industry and he is awaiting trial on charges that he understated his income for years and abused his position by transferring hid personal investment losses to Nissan. Following the trials, his downfall and prolonged detention shocked the international car industry and further created tension between Nisan and Renault. The prolonged trial also raised questions on the Japan’s criminal justice system. But now if he found guilty, he could face a prison sentence of about 15 years.

Carlos Ghosn in a statement said, “I am extremely grateful for my family and friends who have stood by me throughout this terrible ordeal.” He has also hired a new Japanese defense team last month as his previous bail applications were rejected.

Ghosn is credited with steering Nissan away from financial collapse 20 years ago and became an iconic business leader in Japan. Ghosn had brought together Nissan, Renault and Mitsubishi together to form world’s biggest carmaker alliance. However since his arrest in Tokyo on 19 November, he has been overthrown from his role as the head of Nissan, Renault and Mitsubishi Motors.

He claimed in January that his arrest is a result of the plot confiscated by other Nissan executives who were opposing his plan to deepen the Japanese company’s integration with France’s Renault. After this bail, Ghosn will be monitored by the surveillance cameras and face restriction on his computer use. He also cant seek to destroy evidence in the case.